Insurance

From Thomas Jefferson Encyclopedia

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-On 17 August 1800, [[Thomas Jefferson]] wrote in his memorandum books, "Insured my houses with Mr. Ast as follows," including the estimated value, insured value, and premium for Monticello and four different outbuildings.<ref>[[Short Title List|''MB'']] 1025.</ref> "Mr. Ast" was William Frederick Ast of the Mutual Assurance Society of Virginia. Jefferson had first considered purchasing insurance for Monticello in 1795, and even went so far as to begin filling out the insurance declaration form,<ref>"Declaration for the Mutual Assurance Society," [[Short Title List|''PTJ'']] 29:239-244. Original document can be seen on the Massachusetts Historical Society website at [http://www.thomasjeffersonpapers.org/cfm/doc.cfm?id=arch_N133&mode=sm http://www.thomasjeffersonpapers.org/cfm/doc.cfm?id=arch_N133&mode=sm].</ref> but he had significant reservations because of the way the company had been set up under a 1794 act.<ref>For an explanation of this, see Jefferson to Ast, Monticello, [17] September 1799 (note), [[Short Title List|''PTJ'']] 31:186-188.</ref> The Mutual Assurance Society's constitution was later amended,<ref>See Ast to Jefferson, Richmond, 10 May 1800, [[Short Title List|''PTJ'']] 31:571-572.</ref> and Jefferson purchased insurance in August 1800 for the "Dwelling house" (Monticello), "Outchamber" ([http://explorer.monticello.org/text/index.php?sect=plantation&sub=buildings&lid=18 South Pavilion]), "Stone house" (the structure now known as [http://explorer.monticello.org/text/index.php?sect=plantation&sub=buildings&lid=68 Weaver's Cottage]), the [[Joinery|joiner's shop]], and stable. The total premium was $91.30. At this time, premiums were intended to be paid only once; after 1809, Jefferson began paying an annual premium of $12.84. Jefferson maintained the policies until at least 1823, with only a short gap in coverage in 1820.<ref>[[Short Title List|''MB'']] 1025.</ref>+On 17 August 1800, [[Thomas Jefferson]] wrote in his memorandum books, "Insured my houses with Mr. Ast as follows," including the estimated value, insured value, and premium for Monticello and four different outbuildings.<ref>[[Short Title List|''MB'']] 1025.</ref> "Mr. Ast" was William Frederick Ast of the Mutual Assurance Society of Virginia. Jefferson had first considered purchasing insurance for Monticello in 1795, and even went so far as to begin filling out the insurance declaration form,<ref>"Declaration for the Mutual Assurance Society," [[Short Title List|''PTJ'']] 29:239-244. Original document can be seen on the Massachusetts Historical Society website at [http://www.thomasjeffersonpapers.org/cfm/doc.cfm?id=arch_N133&mode=sm http://www.thomasjeffersonpapers.org/cfm/doc.cfm?id=arch_N133&mode=sm].</ref> but he had significant reservations because of the way the company had been set up under a 1794 act.<ref>For an explanation of this, see Jefferson to Ast, Monticello, [17] September 1799 (note), [[Short Title List|''PTJ'']] 31:186-188.</ref> The Mutual Assurance Society's constitution was later amended,<ref>See Ast to Jefferson, Richmond, 10 May 1800, [[Short Title List|''PTJ'']] 31:571-572.</ref> and Jefferson purchased insurance in August 1800 for the "Dwelling house" (Monticello), "Outchamber" ([http://explorer.monticello.org/text/index.php?sect=plantation&sub=buildings&lid=18 South Pavilion]), "Stone house" (the structure now known as [http://explorer.monticello.org/text/index.php?sect=plantation&sub=buildings&lid=68 Weaver's Cottage]), the [[Joinery|joiner's shop]], and stable. The total premium was $91.30. At that time, premiums were intended to be paid only once; after 1809, Jefferson began paying an annual premium of $12.84. Jefferson maintained the policies until at least 1823, with only a short gap in coverage in 1820.<ref>[[Short Title List|''MB'']] 1025.</ref>
Thomas Jefferson's original insurance declaration is still in the archives of the Mutual Assurance Society in Richmond; the five original insurance policies are at the Massachusetts Historical Society. Thomas Jefferson's original insurance declaration is still in the archives of the Mutual Assurance Society in Richmond; the five original insurance policies are at the Massachusetts Historical Society.
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*Love, Richard. ''Founded Upon Benevolence: A Bicentennial History of the Mutual Assurance Society of Virginia.'' Richmond: Valentine Museum, 1994. Available as a PDF on the Mutual Assurance Society website at [http://www.mutual-assurance.com/aboutHistory.asp http://www.mutual-assurance.com/aboutHistory.asp]. *Love, Richard. ''Founded Upon Benevolence: A Bicentennial History of the Mutual Assurance Society of Virginia.'' Richmond: Valentine Museum, 1994. Available as a PDF on the Mutual Assurance Society website at [http://www.mutual-assurance.com/aboutHistory.asp http://www.mutual-assurance.com/aboutHistory.asp].
*Mutual Assurance Society of Virginia [http://www.mutual-assurance.com http://www.mutual-assurance.com] *Mutual Assurance Society of Virginia [http://www.mutual-assurance.com http://www.mutual-assurance.com]
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 +[[Category:Frequently Asked Questions]]
 +[[Category:Monticello (House)]]

Current revision

On 17 August 1800, Thomas Jefferson wrote in his memorandum books, "Insured my houses with Mr. Ast as follows," including the estimated value, insured value, and premium for Monticello and four different outbuildings.[1] "Mr. Ast" was William Frederick Ast of the Mutual Assurance Society of Virginia. Jefferson had first considered purchasing insurance for Monticello in 1795, and even went so far as to begin filling out the insurance declaration form,[2] but he had significant reservations because of the way the company had been set up under a 1794 act.[3] The Mutual Assurance Society's constitution was later amended,[4] and Jefferson purchased insurance in August 1800 for the "Dwelling house" (Monticello), "Outchamber" (South Pavilion), "Stone house" (the structure now known as Weaver's Cottage), the joiner's shop, and stable. The total premium was $91.30. At that time, premiums were intended to be paid only once; after 1809, Jefferson began paying an annual premium of $12.84. Jefferson maintained the policies until at least 1823, with only a short gap in coverage in 1820.[5]

Thomas Jefferson's original insurance declaration is still in the archives of the Mutual Assurance Society in Richmond; the five original insurance policies are at the Massachusetts Historical Society.

Footnotes

  1. MB 1025.
  2. "Declaration for the Mutual Assurance Society," PTJ 29:239-244. Original document can be seen on the Massachusetts Historical Society website at http://www.thomasjeffersonpapers.org/cfm/doc.cfm?id=arch_N133&mode=sm.
  3. For an explanation of this, see Jefferson to Ast, Monticello, [17] September 1799 (note), PTJ 31:186-188.
  4. See Ast to Jefferson, Richmond, 10 May 1800, PTJ 31:571-572.
  5. MB 1025.

Further Sources

  • Ast to Jefferson, Richmond, 1 February 1795, PTJ 28:257-258.
  • Ast to Jefferson, Richmond, 10 October 1796, PTJ 29:190-191.
  • Love, Richard. Founded Upon Benevolence: A Bicentennial History of the Mutual Assurance Society of Virginia. Richmond: Valentine Museum, 1994. Available as a PDF on the Mutual Assurance Society website at http://www.mutual-assurance.com/aboutHistory.asp.
  • Mutual Assurance Society of Virginia http://www.mutual-assurance.com